SECTION 37-12-5

   § 37-12-5  Time limitation on creditors'actions. – No suit instituted under § 37-12-2 shall be commenced after the expirationof two (2) years, or under the maximum time limit as contained within any laboror material payment bond required under § 37-12-1, whichever period islonger, after the day on which the last of the labor was furnished or performedor material or equipment was furnished or supplied by any person claiming underthe section.